Author Archives: Forbin Admin

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What Can You Use a Personal Loan For?

Are you in need of some extra cash to cover an unexpected expense or achieve a long-term goal? A personal loan can be a great option to consider. But what exactly can a personal loan be used for?

At Peoples Bank & Trust, we understand that life can be unpredictable, and sometimes you need a little financial boost to get back on track. That’s why we’re here to break down the various ways you can use a personal loan to improve your financial situation.

Debt Consolidation

If you’re struggling to manage multiple debts with high interest rates, a personal loan can help you consolidate them into one manageable payment. This can simplify your finances, reduce your debt burden, and even lower your overall interest rate.

Home Improvement

Whether you’re looking to renovate your kitchen, add a new bathroom, or simply give your home a fresh coat of paint, a personal loan can provide the funds you need to get started. Home improvements can increase your property value, enhance your living space, and even boost your energy efficiency.

Wedding or Special Occasion

Planning a wedding, anniversary party, or other special occasion can be expensive. A personal loan can help you cover the costs of venue rental, catering, decorations, and more, ensuring that your special day is truly unforgettable.

Medical Expenses

Unexpected medical bills can be a significant financial burden. A personal loan can help you cover the costs of surgery, hospital stays, prescription medication, or other medical expenses, giving you peace of mind and allowing you to focus on your recovery.

Vacation or Travel

Need a break from the daily grind? A personal loan can help you fund your dream vacation, whether it’s a relaxing beach getaway, a European adventure, or a family road trip.

Education or Training

Investing in your education or career development can have a significant impact on your future earning potential. A personal loan can help you cover the costs of tuition, certification programs, or vocational training, setting you up for long-term success.

Business Expenses

If you’re an entrepreneur or small business owner, a personal loan can provide the capital you need to grow your business. Use the funds to cover startup costs, inventory, marketing expenses, or other business-related expenditures.

Other Uses

Personal loans can also be used for:

  • Buying a new car or refinancing an existing auto loan
  • Covering funeral expenses or other unexpected costs
  • Consolidating credit card debt
  • Funding a home business or side hustle
  • Paying for a pet’s medical expenses

As you can see, personal loans can be used for a wide range of purposes. Whether you’re looking to consolidate debt, fund a home improvement project, or cover unexpected expenses, a personal loan can provide the financial flexibility you need.

Get Started Today with Peoples Bank and Trust

At Peoples Bank & Trust, we’re committed to helping you achieve your financial goals. Our personal loans offer competitive rates, flexible repayment terms, and a simple application process. Learn more about our consumer loans!

Don’t hesitate to reach out to our team if you have any questions or concerns about personal loans. We’re here to help you make informed financial decisions and achieve your goals!

Peoples Bank & Trust Co.
Member FDIC, Equal Housing Lender
NMLS #407724

Model home on top of money

The Power of Home Equity: A Guide to Leveraging Your Home’s Value

As a homeowner, you’ve likely heard of home equity, but do you know how it works and how you can tap into it? At Peoples Bank & Trust (PBTC), we’re here to simplify home equity and provide you with a comprehensive guide on how to unlock its potential.

What is Home Equity?

Home equity is the difference between the market value of your home and the outstanding balance on your mortgage. It’s the amount of ownership you have in your home, and it can be a valuable asset for homeowners.

How Does Home Equity Work?

Here’s an example to illustrate how home equity works:

Let’s say you purchased a home for $200,000 with a 20% down payment ($40,000) and a mortgage of $160,000. Over time, the value of your home increases to $250,000. You’ve paid down your mortgage to $120,000. In this scenario, your home equity would be:

$250,000 (current market value) – $120,000 (outstanding mortgage balance) = $130,000 (home equity)

Suggested Renovations Based on Era of Your Home

The era of your home can greatly impact the types of renovations that will increase its value and appeal. Here are some suggested renovations based on the era of your home:

Pre-1940s Homes

  • Update electrical and plumbing systems to modern standards
  • Insulate walls and ceilings to improve energy efficiency
  • Replace original windows with energy-efficient, historically accurate replicas
  • Refinish or replace hardwood floors
  • Add modern amenities like central air conditioning and heating systems
  • Refinish unique details of the home. Here are some ideas for doing so: 11 Ways to Update an Old House Without Erasing Its Character

1940s-1960s Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add insulation to attics and walls to improve energy efficiency
  • Replace single-pane windows with energy-efficient, double-pane models
  • Install new flooring, such as hardwood or tile, to replace outdated materials
  • Add outdoor living spaces, like patios or decks, visible from the street to increase curb appeal

1970s-1980s Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add energy-efficient features, like solar panels or skylights
  • Replace carpeting with hardwood or tile flooring
  • Install new windows and sliding glass doors to improve natural light and views
  • Add modern amenities, like smart home technology and high-speed internet connectivity

1990s-Present Homes

  • Update kitchens and bathrooms with modern fixtures and appliances
  • Add energy-efficient features, like LED lighting and smart thermostats
  • Install new flooring, like hardwood or luxury vinyl tile, to replace outdated materials
  • Upgrade outdoor living spaces, like patios or decks, with modern materials and features
  • Add modern amenities, like smart home technology. Check out the latest tech for 2025: The Best Smart Home Devices for 2025 | PCMag

Peoples Bank & Trust’s Equity Solutions for Your Next Project

Now that you understand how home equity works, you may be wondering how to tap into it. Here are a few options:

  • Home Equity Loan: A lump-sum loan that allows you to borrow a portion of your home equity at a fixed interest rate.
    • We offer a close-ended loan, meaning you get the full sum of the loan up front to use!
  • Home Equity Line of Credit (HELOC): A revolving line of credit that allows you to borrow and repay funds as needed.
    • Your limit is established up front, and you can draw on the line of credit when you need it!

Home equity is a valuable asset that can help you achieve your financial goals. By understanding how it works and how to tap into it, you can unlock the power of your home’s value. Whether you’re looking to renovate your home, consolidate debt, or fund a major expense, home equity can be a valuable resource. At PBTC, we’re here to help you navigate the world of home equity and make the most of your home’s value.

Not sure where to begin? Reach out with your questions, our experienced lending team is help you along you and your home’s journey!

Contact Us

Peoples Bank & Trust Co.
Member FDIC, Equal Housing Lender
NMLS #407724

Credit score dial

Understanding Your Credit Limit: What It Means and Why It Matters

Your credit limit is a crucial aspect of your financial health, impacting everything from your credit score to your ability to make large purchases. At Peoples Bank & Trust, we believe in empowering our customers with the knowledge they need to manage their finances effectively. Here’s a comprehensive guide to understanding your credit limit, how it works, and why it matters.

How Credit Limits Work

A credit limit is the maximum amount of money a lender will allow you to borrow on a credit card or line of credit. This limit is determined based on several factors, including your credit score, income, and overall financial health. Here’s a deeper look into how credit limits are set and managed:

  • Creditworthiness: Lenders assess your creditworthiness by reviewing your credit history, including your payment history, credit utilization, and length of credit history.
  • Income: Your income level helps lenders determine your ability to repay borrowed amounts.
  • Debt-to-Income Ratio: This ratio compares your total monthly debt payments to your gross monthly income, helping lenders gauge your financial stability.

It’s important to note that just because you have a high credit limit doesn’t mean you should max it out. Responsible management of your credit limit can positively impact your credit score and financial future.

Credit Utilization Ratio

Your credit utilization ratio is the percentage of your available credit that you’re using. For example, if your credit limit is $1,000 and you have a balance of $300, your utilization ratio is 30%. Here’s why maintaining a low credit utilization ratio is important:

  • Credit Score Impact: A high utilization ratio can negatively affect your credit score. Aim to keep your ratio below 30% to maintain a healthy credit profile.
  • Financial Flexibility: Keeping your utilization low ensures you have available credit for emergencies or unexpected expenses.
  • Lender Perception: Low utilization signals to lenders that you manage your credit responsibly, which can lead to higher credit limits and better loan terms.

Tips for Increasing Your Credit Limit Without Hurting Your Scores

Want to increase your credit limit without jeopardizing your credit scores? Here are some tips that may help:

Maintain a Good Payment History

Consistently paying your bills on time is one of the best ways to improve your credit score and increase your credit limit. Here’s how to ensure timely payments:

  • Set Up Reminders: Use calendar alerts or automatic reminders to keep track of due dates.
  • Automate Payments: Set up automatic payments for at least the minimum amount due to avoid late fees.
  • Prioritize Debts: Focus on paying off high-interest debts first to reduce overall financial strain.

Keep Your Credit Utilization Low

Aim to use less than 30% of your available credit. High utilization can negatively affect your credit score. Here are some strategies to manage your utilization:

  • Spread Out Purchases: Use multiple credit cards to distribute your spending and keep individual utilization rates low.
  • Make Multiple Payments: Pay down your balance multiple times a month to keep your utilization ratio low.
  • Increase Credit Limits: Request higher credit limits on existing cards to increase your total available credit.

Request a Credit Limit Increase

If you’ve been a responsible borrower, you can request a credit limit increase from your lender. Be prepared to provide information about your income and financial situation. Here’s how to approach this:

  • Review Your Credit Report: Ensure your credit report is accurate and free of errors before requesting an increase.
  • Highlight Positive Changes: Inform your lender of any positive changes in your financial situation, such as a salary increase or reduced debt.
  • Be Patient: If your request is denied, wait a few months and continue to demonstrate responsible credit behavior before trying again.

Avoid Opening Too Many New Accounts

Each new credit application can result in a hard inquiry on your credit report, which can temporarily lower your score. Here’s why it’s important to be cautious:

  • Impact on Credit Score: Multiple hard inquiries in a short period can signal financial distress to lenders.
  • Account Age: New accounts can lower the average age of your credit history, which can negatively impact your score.
  • Focus on Quality: Instead of opening multiple accounts, focus on maintaining and improving your existing credit lines.

Monitor Your Credit Report

Regularly check your credit report for errors and dispute any inaccuracies. This can help maintain a healthy credit score. Here’s how to stay on top of your credit report:

  • Annual Credit Report: Obtain a free credit report from each of the three major credit bureaus (Equifax, Experian, and TransUnion) once a year.
  • Credit Monitoring Services: Consider using a credit monitoring service to receive alerts about changes to your credit report.
  • Dispute Errors: If you find any inaccuracies, dispute them with the credit bureau to have them corrected.

Common Myths Debunked

Let’s set the record straight on some common myths surrounding credit limits:

Myth #1: Closing a Credit Card Improves Your Credit Score

Reality: Closing a credit card can actually hurt your credit score by reducing your available credit and increasing your credit utilization ratio. It also shortens your credit history, which can negatively impact your score.

Myth #2: Carrying a Balance Improves Your Credit Score

Reality: It’s a common misconception that carrying a balance helps your credit score. In reality, paying off your balance in full each month is better for your score and saves you money on interest.

Myth #3: Checking Your Credit Report Lowers Your Score

Reality: Checking your own credit report is considered a soft inquiry and does not affect your credit score. Regularly reviewing your credit report is a good practice to ensure accuracy and monitor your financial health.

Apply Today for a VISA® Platinum Credit Card from Peoples Bank & Trust

Start your application for your credit card here. After submitting your application, you will be contacted if it is approved. If you have any questions about the VISA® Platinum Credit Card, call or come by your local Peoples Bank & Trust branch today.

See the card application’s Important Disclosures for current terms, rates, and fees. This card is issued by Bankers’ Bank of Kansas. Subject to credit approval.

Understanding your credit limit and responsibly managing it is key to maintaining a healthy financial profile. By following these tips and debunking common myths, you can make informed decisions that benefit your credit score and overall financial well-being.

At Peoples Bank & Trust, we’re here to support you with the right credit card options and financial advice. Contact us today to learn more about how we can help you achieve your financial goals.

Buying a Home in 2025: What You Need to Know

Are you thinking of buying a house in 2025? Congratulations on taking the first step towards your dream of homeownership! At Peoples Bank & Trust, we’re here to guide you through the process with valuable insights and expert advice to make your home-buying journey smooth and successful.

Where to Begin

Check Your Credit Score

Your credit score plays a significant role in determining the interest rate you’ll qualify for and whether you’ll be approved for a mortgage. A good credit score can help you secure a better loan deal, so make sure to check your credit report and work on improving it if necessary. Here are some steps to improve your credit score:

  • Pay your bills on time: Late payments can significantly impact your credit score.
  • Reduce your debt: Aim to pay down credit card balances and other debts.
  • Avoid opening new credit accounts: Each new account can lower your average account age, which can negatively affect your score.
  • Dispute any errors: Check your credit report for inaccuracies and dispute any errors you find.

Determine Your Budget

Calculate how much you can afford to spend on a house, including your down payment, closing costs, and ongoing expenses like mortgage payments, property taxes, and insurance. Aim to save at least 20% of the home’s purchase price to avoid private mortgage insurance (PMI) and secure better loan terms. Here’s how to create a comprehensive budget:

  • Assess your current financial situation: Review your income, savings, and any existing debts.
  • Estimate your monthly expenses: Include utilities, groceries, transportation, and other regular costs.
  • Factor in homeownership costs: Consider property taxes, homeowners insurance, maintenance, and repairs.
  • Plan for the future: Think about potential changes in your financial situation, such as job changes or family growth.

Research Mortgage Options

Explore different types of mortgages, such as fixed-rate and adjustable-rate loans, and learn about the pros and cons of each. Peoples Bank & Trust offers a range of mortgage options to suit your needs. Here’s a brief overview of common mortgage types:

  • Fixed-Rate Mortgages: These loans have a consistent interest rate and monthly payment throughout the loan term, making them predictable and stable.
  • Adjustable-Rate Mortgages (ARMs): These loans have an interest rate that can change periodically based on market conditions, which can result in lower initial payments but higher risk over time.
  • FHA Loans: These government-backed loans are designed for first-time homebuyers and those with lower credit scores, offering lower down payment requirements.
  • VA Loans: Available to veterans and active-duty service members, these loans offer competitive interest rates and no down payment requirements.
  • Jumbo Loans: These loans are for higher-priced homes that exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

What Buyers Need to Prepare and Get Ready For

Home Inspections

A home inspection can reveal potential issues with the property, giving you an opportunity to negotiate the price or back out of the deal if necessary. Here’s what to expect during a home inspection:

  • Structural components: The inspector will check the foundation, roof, walls, and other structural elements.
  • Systems and appliances: The inspection will cover the HVAC system, plumbing, electrical systems, and major appliances.
  • Interior and exterior: The inspector will examine the interior and exterior of the home, including windows, doors, and insulation.
  • Report and recommendations: After the inspection, you’ll receive a detailed report outlining any issues and recommended repairs.

Appraisals

An appraisal determines the value of the property, ensuring that you’re not overpaying for the house. Here’s why appraisals are important:

  • Loan approval: Lenders require an appraisal to ensure the loan amount is appropriate for the property’s value.
  • Negotiation tool: If the appraisal comes in lower than the purchase price, you may be able to negotiate a lower price with the seller.
  • Investment protection: An accurate appraisal helps protect your investment by ensuring you’re paying a fair price.

Title Search and Insurance

A title search ensures that the seller has the right to sell the property, and title insurance protects you from any potential ownership disputes. Here’s what you need to know:

  • Title search: This process involves reviewing public records to verify the property’s ownership history and identify any liens or encumbrances.
  • Title insurance: This insurance protects you and your lender from financial loss due to title defects, such as undisclosed heirs, forgery, or errors in public records.

Tips for First-Time Homebuyers

Don’t Rush

Take your time to find the right property, and don’t feel pressured to make an offer on a house that’s not perfect for you. Here are some tips for a thorough home search:

  • Define your needs and wants: Make a list of must-have features and nice-to-have amenities.
  • Research neighborhoods: Consider factors such as proximity to work, schools, amenities, and overall safety.
  • Visit multiple properties: Compare different homes to find the best fit for your needs and budget.

Work with a Real Estate Agent

A real estate agent can guide you through the home-buying process, providing valuable insights and expertise. Here’s how an agent can help:

  • Market knowledge: Agents have access to the latest market data and can help you find properties that meet your criteria.
  • Negotiation skills: An experienced agent can negotiate on your behalf to get the best deal.
  • Paperwork and legalities: Agents handle the complex paperwork and ensure all legal requirements are met.

Consider Additional Costs

In addition to your mortgage payments, factor in ongoing expenses like maintenance, repairs, and property taxes. Here’s what to budget for:

  • Routine maintenance: Regular upkeep, such as lawn care, cleaning, and minor repairs.
  • Major repairs: Unexpected issues, such as roof replacement or plumbing repairs.
  • Property taxes: Annual taxes based on the assessed value of your home.
  • Homeowners insurance: Coverage for potential damages and liability.

Partner Up with Peoples Bank & Trust

Buying a house in 2025 requires careful planning, preparation, and research. By following these tips and working with Peoples Bank & Trust, you’ll be well on your way to achieving your dream of homeownership.

Our Mortgage Solutions

Peoples Bank & Trust offers a range of mortgages to suit your needs, including fixed-rate and adjustable-rate mortgages. Our mortgage specialists can help you choose the best option based on your financial situation and long-term goals.

Click here to learn more!

person looking at graph with 2025 on it and stats

2025 New Year’s Financial Resolutions: Setting & Achieving Your Financial Goals

The new year is right around the corner, and it’s the perfect time to take the opportunity to reflect on our financial well-being and set new goals for the year ahead. This guide will cover the importance of doing this, provide tips on how to set achievable objectives, and look at how to stay on track throughout the year.

Why Set Financial Resolutions?

Setting financial resolutions can have a significant impact on your overall well-being. By achieving your financial goals, you can:

  • Reduce Stress and Anxiety: Living paycheck to paycheck or carrying high levels of debt can be overwhelming. By setting financial goals, you can take control of your finances and reduce stress.
  • Improve Your Credit Score: By paying bills on time and reducing debt, you can improve your credit score, making it easier to secure loans and credit in the future.
  • Build Wealth: By saving and investing, you can build wealth over time, providing a safety net for the future.
  • Achieve Long-term Goals: Whether it’s buying a home, retiring comfortably, or funding your children’s education, setting financial goals can help you achieve your long-term objectives.

Setting Achievable Financial SMART Goals

So, how do you set financial goals that you can actually achieve? Here are some tips to get you started:

  • Make Your Goals Specific: Instead of setting vague goals like “save more money,” try setting specific goals like “save $1,000 by the end of the year.”
  • Make Your Goals Measurable: Set goals that can be measured, such as “reduce debt by 50% within the next 6 months.”
  • Make Your Goals Achievable: Set goals that are challenging but achievable. Don’t set yourself up for failure by setting unrealistic goals.
  • Make Your Goals Relevant: Set goals that align with your values and priorities, such as “save money for new tires.”
  • Make Your Goals Time-Bound: Set deadlines for achieving your goals, such as “pay off credit card debt within the next 12 months.”

Staying on Track: Tips and Strategies

So, you’ve set your financial goals – now how do you stay on track? Here are some tips and strategies to help you achieve your objectives:

  • Create a Budget: Track your income and expenses to ensure you’re staying on track. For example, spend less than you earn.
  • Automate Your Savings: Set up automatic transfers from your checking account to your savings, investment accounts, or emergency fund. For example, $20 every week equals $1,040 at the year’s end.
  • Monitor Your Progress: Regularly review your progress towards your goals, making adjustments as needed.
  • Avoid Impulse Purchases: Create a 30-day waiting period for non-essential purchases to avoid making impulse buys.
  • Seek Support: Share your goals with a trusted friend or family member and ask them to hold you accountable.

Take the First Step with Peoples Bank & Trust

Setting and achieving financial resolutions can significantly impact your life. By establishing specific, measurable, achievable, relevant, and time-bound goals, you can take control of your finances and build a brighter future.

If saving is a key part of your 2025 resolutions, consider CDs as a secure way to grow your money while limiting access. If buying a home is on your 2025 vision board, explore the variety of mortgage options available to you.

Don’t hesitate to reach out with any questions! We’re here to help you every step of the way.

Click here to contact us today.

Couple looking at paint swatches together

Winter Home Maintenance Tips for a Cozy, Worry-Free, and Energy-Efficient Season

As temperatures drop and the first official day of winter approaches, it’s essential to prepare and maintain your home to ensure a safe and energy-efficient season. At Peoples Bank & Trust, we understand the importance of protecting your home and saving on energy costs. Here are some winter home maintenance tips to help you do just that.

Prepare Your Home’s Exterior

Before the harsh winter weather sets in, make sure to:

  1. Clean and inspect your gutters and downspouts to ensure proper water flow. Clogged gutters can lead to ice dams, causing water damage to your home.
  2. Trim tree branches and shrubs to prevent damage from snow and ice.
  3. Seal any gaps or cracks in your home’s exterior, including windows and doors.
  4. Install storm windows or replace old windows with energy-efficient ones.
  5. Test your sump pump to ensure it works correctly. A functioning sump pump can prevent basement flooding during winter thaws.

Insulate and Seal Your Home’s Interior

To keep the warm air in and the cold air out, make sure to:

  1. Insulate your attic, walls, and floors to prevent heat loss.
  2. Seal any gaps or cracks around windows, doors, and electrical outlets.
  3. Install weatherstripping around doors and windows to prevent air leaks.
  4. Use area rugs and curtains to add an extra layer of insulation.
  5. Insulate exposed pipes in unheated areas such as basements and garages to prevent them from freezing and bursting.
  6. Use a programmable thermostat to adjust the temperature when you’re not home.

Maintain Your Heating System

To ensure your heating system is running efficiently and safely, make sure to:

  1. Have your heating system serviced by a professional before the winter season, especially if you are a new homeowner.
  2. Change your furnace filter regularly to improve air quality and efficiency.
  3. Consider upgrading to a high-efficiency furnace or heat pump.

Conserve Energy and Lower Your Bills

To keep your energy bills low, make sure to:

  1. Adjust your thermostat to use less energy when you’re not home or sleeping.
  2. Use energy-efficient light bulbs and appliances.
  3. Unplug electronics and appliances when not in use to avoid standby power consumption.
  4. Consider installing solar panels or a programmable thermostat.
  5. Keep curtains and blinds open during the day to let in natural sunlight.

Consider a Home Equity Line of Credit (HELOC)

If you’re looking to make energy-efficient upgrades to your home, consider using a Home Equity Line of Credit (HELOC) from Peoples Bank & Trust. A HELOC allows you to tap into the equity in your home and use the funds to make improvements that can increase your property value and save you money on energy costs. Check out more details here! By following these winter home maintenance tips, you’ll be able to enjoy a cozy and worry-free winter while also protecting your home and saving on energy costs. And, if you’re looking to make energy-efficient upgrades, consider using a HELOC from Peoples Bank & Trust.

Home improvement plans

What Raises Property Value the Most?

Want to level up your property’s worth? You’re not alone – homeowners are always looking for ways to make their homes more desirable. Your home’s value gets a serious lift when you make savvy upgrades – and it doesn’t matter if you’re selling next month or five years from now. Let’s take a look at what raises property value the most.

Top Home Improvements to Boost Property Value

Kitchen Remodels

One glance at a dated kitchen and potential buyers often walk; conversely, a sleek, high-tech cooking space magnetizes them. Revamping your kitchen with sleek new appliances, crisp countertops, and stylish cabinets can net a whopping 102% return on investment when you sell your home, the National Association of Realtors reveals.

Bathroom Renovations

What if we told you that updating your bathroom could essentially pay for itself? It’s true: a stylish, modern makeover can add serious value to your home, recouping the full cost and then some. Kickstart your makeover with a trifecta of trickle-down decor: updating fixtures, swapping out tile, and slapping on a fresh coat of paint.

Outdoors Appeals

Outdoor spaces have a secret power: they can add serious value to your home. Invest in a deck, patio, or outdoor kitchen and you could see an 80% return on your investment. Anyone who values unwinding after a long day will find this particular aspect incredibly appealing.

Exterior Enhancements

A new roof can recoup up to 105% of the cost at resale, making it a worthwhile investment for homeowners. A sturdy, leak-free roof is essential for any buyer. New energy-efficient windows and insulation can also be worthwhile because of the 60-80% ROI.

Energy-Efficient Upgrades

Installing energy-efficient windows, insulation, and appliances can save homeowners money on utility bills and increase their home’s value by up to 10%. As well as 60-80% ROI if or when you decide to sell.

How a HELOC Can Help

A Home Equity Line of Credit (HELOC) is a flexible financing option that allows you to leverage your home’s equity to fund home improvements. Here’s why a HELOC might be the perfect solution for your renovation needs:

Flexibility

A HELOC provides a revolving line of credit that you can use as needed, making it ideal for funding multiple projects or covering unexpected expenses. You can borrow and repay funds based on your needs, giving you financial flexibility.

Competitive Interest Rates

HELOCs often come with lower interest rates compared to credit cards or personal loans, helping you save money on interest payments over time.

Potential Tax Benefits

In many cases, the interest paid on a HELOC may be tax-deductible. Be sure to consult with a tax professional to understand how this benefit might apply to your situation.

Get Started With Us

Investing in home improvements is a strategic way to enhance your living space and increase your property’s value. By focusing on high-ROI projects like kitchen remodels, bathroom renovations, and energy-efficient upgrades, you can make the most of your investment.

And with a HELOC from Peoples Bank & Trust, financing these improvements is more accessible and affordable than ever. Start planning your home upgrades today and watch your property value soar! 

Stop By Any of Our Branches Today

We look forward to meeting with you and discussing our loan options that best fit your needs to make your home improvement dreams come true.

Jar full of cash labeled Emergency Fund with stack of books in the background

How to Build an Emergency Fund: 6 Tips and Strategies

In uncertain times, having an emergency fund can provide peace of mind and financial stability. An emergency fund is a savings account specifically set aside for unexpected expenses, such as medical emergencies, car repairs, or job loss. Here’s how you can start building your emergency fund and ensure you’re prepared for whatever life throws your way.

Why You Need an Emergency Fund

An emergency fund acts as a financial safety net, helping you cover unexpected expenses without resorting to high-interest debt. It can prevent financial stress and provide a sense of security, knowing you have a cushion to fall back on.

6 Tips and Strategies for Building an Emergency Fund

1. Setting a Goal

How much should you aim to save? Financial experts typically recommend having three to six months’ worth of living expenses in your emergency fund. This amount can vary based on your personal circumstances, such as job stability and monthly expenses.

2. Starting Small

If saving several months’ worth of expenses seems daunting, start small. Even setting aside a small amount each month can make a big difference over time. The key is to start now and build gradually.

3. Automating Savings

One of the easiest ways to build your emergency fund is to automate your savings. Set up automatic transfers from your checking account to your savings account. This way, you’re consistently contributing to your fund without having to think about it.

4. Cutting Unnecessary Expenses

Take a close look at your budget and identify areas where you can cut back. Reducing non-essential spending, such as dining out or subscription services, can free up money to put towards your emergency fund.

5. Using Windfalls Wisely

Whenever you receive unexpected income, such as a bonus, tax refund, or gift, consider putting a portion of it into your emergency fund. This can give your savings a significant boost.

6. Choosing the Right Account

Keep your emergency fund in a high-yield savings account. This type of account offers better interest rates than a regular savings account, helping your money grow faster while still being easily accessible when you need it.

Building an emergency fund takes time and discipline, but the peace of mind it provides is well worth the effort. Start today, and you’ll be better prepared for whatever financial challenges come your way. At Peoples Bank & Trust, we’re here to help. Learn more about our savings accounts and other services that can help you effectively build your emergency funds.

Protecting Older Americans Against the Top Scam: IRS Impersonations

No age group is immune to scams. It can happen to any age group, income level and gender. Scammers are no respecter to persons when it comes to getting your money. However, seniors should be protective of their finances, as they are more likely to have significant life savings and great credit. They also may be unsure of who to report fraud to, or don’t out of shame. This makes them a great target for scams. Unfortunately, the top scam among older Americans is IRS Impersonations.

Why IRS Impersonations?

  • Taxes and money are linked, so being able to access someone’s tax account gives them extensive amounts of highly personal information.
  • This information can be serviced into capital.

Telephone Scams

They may receive a phone call from the scammer, claiming to be from the IRS. They will give a fake name, badge number and even call from a Washington area code so they seem more legitimized.  This is called Caller-ID spoofing. They say they are following up on letters sent by mail and threaten arrest, home foreclosure or deportation for immigrants if they are not paid. Seniors should be aware that the IRS will never call to demand immediate payment, nor will they ask for credit card information over the phone. These scare tactics are working far too well, so education, not shaming, is needed to prevent victimization. If they receive a suspicious call, hang up and call the U.S. Senate Special Committee on Aging’s Fraud Hotline at 1-855-303-9470.

Text Messages

Unfortunately, text messages seem to be more trusted than email.  Scams by text are called smishing. Some criminals may only have access to the internet through their smartphone, so they will use this to target other phones as well. They may even send a link to a fraudulent site to intake your private information like a social security number so they can steal your identity.

Here is an example of what a text might say:

“IRS NOTICE: Your Tax Return is overdue! Click here to prevent penalty by law.”

Email Phishing

This term means the scammers are fishing for information through email, conning people into thinking they are someone they are not. The emails look like they have the branding of the IRS and they are leading to a legitimate website. They might request the same information that is requested by phone, but might be more prone to believe the emails to be valid with the fake IRS branding.

Key Takeaways:

Inform your loved ones of these IRS facts:

  • The IRS will never call to demand immediate payment.
  • They will never threaten to immediately arrest.
  • You will never be told that the taxes must be paid without the opportunity to appeal the amount owed.
  • They will never ask for payment information over the phone.

Data has shown that increased knowledge on scams makes a difference, so share this information with your loved ones, creating a safe place of discussion and education!

 

Peoples Bank & Trust Co.

Member FDIC

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